Choice Home Equity Line of Credit1
The Home Equity Line of Credit (HELOC) gives you unparalled flexibility by providing you the choice of when to borrow money, and how to pay it back. You'll also enjoy competitive low rates, with no application fees and convenient options to access your line of credit.
Key Features and Benefits
- Flexibility: Ability to lock in a fixed rate on all or any part of the variable-rate balance at anytime
- Accessibility: Convenient access to your home equity line of credit funds by check, online, telephone banking, at any PNC branch and by using your Visa® Choice Access Card
- Payment Choice: Two variable-rate payment choices to choose from - principal and interest or interest-only
- Tax Benefits: The interest you pay on your home equity line of credit is typically tax deductible²
Check Home Equity Rates
Run a Home Equity Savings Scenario
More Features & Benefits
Two Variable Rate Payment Options to choose from:
Two Fixed Rate Lock Payment Options to choose from:
Flexible Draw and Repayment Terms:
- 0.25% interest rate discount when your monthly payment is automatically deducted from your PNC checking or savings account
- You may be able to avoid the monthly service charge on a Performance Checking Account
Home Equity Line of Credit Costs at Closing:*
- No application fee
- Title Insurance is required on loans over $250,000
- Annual Fee: $50 (waived with a PNC Performance Select Checking Account)
- $10 GA Residential Mortgage Act Fee, applicable in GA only
Home Equity Line of Credit Servicing Fees:
- Cash Advance Fee - $0
- Late Charge - The greater of $40 or 10% of the total amount of the payment
- Return Payment Fee - $30
- Stop Payment Fee - $20
- Return Credit Line Check Fee - $30
- Overlimit Fee - $30
- Fixed Rate Transfer Fee - $100
The fees shown herein are the current PNC Closing Costs and Servicing Fees for new loans and lines of credit as of , and may not necessarily be applicable if your loan or line of credit was originated at an earlier or later date or by a PNC predecessor. Please call 1-888-PNC-BANK (1-888-762-2265) for information about servicing fees specific to your account.
Calculators & Tools
Home Equity Line of Credit FAQ
What is a Home Equity Line of Credit?
How much can I borrow?
Banks typically set a maximum loan-to-value (LTV) limit for how much you can borrow. At PNC, the maximum allowable LTV is 89.9%, and in some geographies and loan scenarios, it is lower.
To figure out how much you can borrow, you must know three things: 1) your home's value, 2) the sum of all mortgage loans that you have on the property, and 3) the maximum LTV established by your lender.
For example, let's assume a home is valued at $200,000, the maximum LTV is 89.9%, and there are $120,000 in mortgage loans already owed on the property. Just multiply the home's value ($200,000) by the LTV (89.9%) to calculate the maximum borrowing limit, which in this case is $179,800. Then subtract out the loans already on the property ($120,000) to know how much equity is remaining. In this example, you could borrow up to an additional $59,800.
What will my rate be?
Is my interest tax deductible?
What property types are eligible for Home Equity Lines of Credit or Home Equity Installment Loans?
Are there any fees if I payoff my Home Equity Line of Credit?
How many Fixed Rate Lock portions can I have on my Choice Home Equity Line of Credit?
How fast will I get my money?
- We're experienced: We've been at this for a long time. More than 150 years, in fact. We originated more than $7 billion in home equity loans and lines of credit in 2011.
- We're sensible: Market conditions go up; market conditions go down. Through it all, we've thrived by sticking to sound financial practices, and by looking past financial fads.
- We're professional: We offer a full range of home equity products, paired with a team of professionals ready to provide guidance and answers whenever you need it - by phone, email, chat, or in person.
- We're ready to help: With PNC, you get a partner who's in it for the long run. We provide options to help you choose the products that are right for you.
Visa® is a registered trademark of Visa International.
- Credit is subject to approval.
- Consult a tax advisor.
What You Need to Apply for a Home Equity Loan or Line of Credit:
Applying is easy, but before you start there are a few things you will need to successfully complete the application
- 10 to 15 minutes to complete the application
- The dollar amount you would like to borrow
- Information about your home:
- Purchase date and price
- Approximate market value
- Mortgage balance and monthly payment
- Government issued photo ID (Driver's License, US Passport, or a state-issued ID)
- Previous address, if at current address less than two years
- Previous employer, if with current employer less than two years
- Your annual income and any other income to be considered
- If you are applying with a co-applicant, you will need their:
- Current address and previous, if less than two years
- Current employer and previous, if less than two years
- Annual income and any other income to be considered
- If consolidating debts, for each creditor you will need:
- Creditor name and account number
- Outstanding balance and monthly payment
You may also want to review our current loan interest rates before applying.
|Choice Home Equity
Line of Credit¹
|Major one-time expenses||YES||YES|
|On-going access to funds||YES||NA|
|Interest Rates||Variable with a Fixed Rate Lock||Fixed|
|Payment Options|| Variable Payment Options:
||Fixed Monthly Payments|
|Fixed Monthly Payments on the portion of the balance moved to the Fixed Rate Lock|
|Automatic deduction available||Automatic deduction available|
|Costs at Closing||No application fee||No application fee|
|No cost at closing for lines of $250,000 or less||Recording and satisfaction fees (amounts vary by geography)|
|$99 document preparation fee (PA, DE, FL, IL only)|
|Servicing Fees||$50 annual fee (waived with a Performance Select Checking account)|
|$350 early account closure fee may apply if you close your account within the first 36 months||$350 Prepayment Penalty may apply if you payoff your loan within the first 36 months|
|Terms||Interest Only contract:||Up to 30 years|
|Principal & interest contract:|
|Fixed Rate Lock Terms within both Interest Only and principal and interest contract:
|Discounts||0.25% interest rate discount when your monthly payment is automatically deducted from your PNC Checking or Saving account|